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New York State Spent Millions On Program For Startups That Created 76 Jobs

Posted by samzenpus on from the bang-for-your-buck dept.

Nerval's Lobster writes Last year, the New York state government launched Start-Up NY, a program designed to boost employment by creating tax-free zones for technology and manufacturing firms that partner with academic institutions. Things didn't go quite as planned. In theory, those tax-free zones on university campuses would give companies access to the best young talent and cutting-edge research, but only a few firms are actually taking the bait: According to a report from the state's Department of Economic Development, the program only created 76 jobs last year, despite spending millions of dollars on advertising and other costs. If that wasn't eyebrow-raising enough, the companies involved in the program have only invested a collective $1.7 million so far. The low numbers didn't stop some state officials from defending the initiative. "Given the program was only up and running for basically one quarter of a year," Andrew Kennedy, a senior economic development aide to Governor Cuomo, told Capital New York, "I think 80 jobs is a good number that we can stand behind."

3 of 238 comments (clear)

  1. Too early for criticism. by LionKimbro · · Score: 5, Insightful

    Wait a second -- this program has only been running for one quarter of a year?

    76 jobs doesn't sound that bad, on such a short time frame.

    Sounds like a pre-mature judgement.

  2. Re:How would you promote job growth by __aaclcg7560 · · Score: 5, Insightful

    People with EARNED INCOME pay the highest tax rates. Ever wonder why Steve Jobs and other CEO's take a $1 salary? They don't want to pay taxes on EARNED INCOME. Meanwhile, they pay lower taxes on PORTFOLIO INCOME (i.e., stocks and bonds) and PASSIVE INCOME (i.e., real estate). If you don't want to pay your fair share of taxes, stop working for EARNED INCOME.

  3. Re:How would you promote job growth by nobuddy · · Score: 5, Insightful

    Easy. The cost of maintaining a country is based on the GDP. If the calculated budget is $100, and you hold 12% of the GDP, your fair share is $12. If someone else holds .01% of the GDP, they owe $.01.

    Fair share is not every citizen pays the same. This is no a socialist economy where everyone contributes the same to get the same benefits. Some people hold far more than others, so their fair share is much higher. They also reap far more of the benefits of those taxes. A man that owns 10,000 trucks in a trucking company gets a hell of a lot more benefit than the guy that rides the bus across town to his job at McDonald's.